Forecast of Construction Cost Development in Austria Until 2023

In 2021 and 2022, the Austrian construction industry recorded the strongest cost increases since the 1970s. The aim of this analysis is to forecast the development of construction costs in Austria for the years 2022 and 2023, separately for the three sub-indices. First, the central cost drivers are identified by means of an analysis of the sub-components of the construction cost indices. The futures and spot prices for the raw materials steel and oil, which are particularly significant for the current development of construction costs, are then used for a model-based forecast. In addition to a normal scenario, a risk scenario is also calculated, which is based on an unfavourable commodity price development.